Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q3 2025 Earnings Presentation
39 slides from Century Casinos's earnings presentation, Nov 10, 2025
Slide 1: Results through Q3 2025 Investor Presentation
Results through Q3 2025 INVESTOR PRESENTATION Peter Hoetzinger, Co CEO & President
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of
Slide 3: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS • Well Established Multi-Channel Gaming Company: 7,460 slot/electronic Growth Drivers gaming machines, 199 gaming tables and 2,153 hotel rooms across 16 • New permanent land-based casino and addition of new hotel to Century Casino & properties1 in USA, Canada and Europe. Ho
Slide 4: North American Property Footprint
NORTH AMERICAN PROPERTY FOOTPRINT 11 Properties In the USA (Nevada, Colorado, Missouri, West Virginia and Maryland) and Canada (Alberta). 2,153 Hotel Rooms Across eight casino hotel/resort properties. 7,142 Slot Machines & 125 Table Games Offering popular and exciting slot machines and the latest in
Slide 5: Stable Performance
STABLE PERFORMANCE US regional GGR has maintained stable growth since 2001 and has been resilient to macroeconomic changes including oil prices and CPI U.S. Regional GGR 1 63 58 52 47 37 39 40 32 34 34 35 29 31 30 29 29 30 31 31 24 24 26 27 22 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2
Slide 6: Regional Markets Overview
REGIONAL MARKETS OVERVIEW Diverse regional exposure in stable, mature gaming markets in the U.S. Gross Gaming Revenue (GGR)1 • Regional markets resilient during the pandemic 1,111 1,088 • 2021 through 2024 Gross Gaming Revenue levels materially up versus 2019 1,060 Colorado GGR 976 across all market
Slide 7: U.S. Operations Overview
U.S. OPERATIONS OVERVIEW East, Midwest and West Regions 6
Slide 8: East Region Market Overview: West Virginia
EAST REGION MARKET OVERVIEW West Virginia POINTS OF DIFFERENTIATION MOUNTAINEER CASINO, RESORT & RACES MARKET DYNAMICS AND DEMOGRAPHICS • Represents the only full-service resort and casino • Located on the Ohio River in the northern • West Virginia was an early adopter of internet in the immediate v
Slide 9: East Region Market Overview: Maryland
EAST REGION MARKET OVERVIEW Maryland POINTS OF DIFFERENTIATION ROCKY GAP CASINO, RESORT & GOLF MARKET DYNAMICS AND DEMOGRAPHICS • Full-service casino resort with Jack Nicklaus • Located against a picturesque outdoor backdrop • Western Maryland is expected to see annual Signature golf course, and lar
Slide 10: East Region Results
EAST REGION RESULTS West Virginia and Maryland Net Operating Revenue Adjusted EBITDAR1 60.0 10.0 9.2 8.9 9.0 8.5 50.0 8.0 47.1 47.8 8.0 7.9 45.1 44.6 7.6 44.0 44.2 41.0 7.0 40.0 38.5 37.1 6.0 5.7 30.0 28.2 5.0 4.8 26.7 4.2 3.9 3.9 4.0 20.0 3.0 2.0 10.0 1.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2
Slide 11: Midwest Region Market Overview: Colorado
MIDWEST REGION MARKET OVERVIEW Colorado POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL CENTRAL CITY MARKET DYNAMICS AND DEMOGRAPHICS • Strategically located in close proximity to Denver, • Denver and Colorado Springs MSAs, both Colorado (Central City ~35 miles away) and exhibiting strong demograph
Slide 12: Midwest Region Market Overview: Missouri
MIDWEST REGION MARKET OVERVIEW Missouri POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL CAPE GIRARDEAU MARKET DYNAMICS AND DEMOGRAPHICS & THE RIVERVIEW • Cape Girardeau and Caruthersville are both local, • Missouri is one of the largest regional gaming drive-to markets with loyal customer bases. ma
Slide 13: Next Stage of Growth: Caruthersville Casino & Hotel
NEXT STAGE OF GROWTH Missouri Projects – Caruthersville Permanent Land-Based Casino & Hotel • Opened November 1, 2024. • Transformation to full destination resort to attract customers from further into Missouri, Tennessee and Arkansas and provide guests with a better, more convenient casino experien
Slide 14: Midwest Region Results
MIDWEST REGION RESULTS Colorado and Missouri Net Operating Revenue Adjusted EBITDAR1 45.0 18.0 41.4 42.0 40.6 40.4 40.8 39.9 39.7 39.2 39.8 39.2 15.9 40.0 16.0 15.4 15.5 15.3 37.6 15.2 14.4 14.6 14.5 35.0 14.0 13.4 13.5 13.6 30.0 12.0 25.0 10.0 20.0 8.0 15.0 6.0 10.0 4.0 5.0 2.0 0.0 0.0 Q1 Q2 Q3 Q4
Slide 15: West Region Market Overview: Nevada
WEST REGION MARKET OVERVIEW Nevada POINTS OF DIFFERENTIATION NUGGET CASINO RESORT MARKET DYNAMICS AND DEMOGRAPHICS • Full-service resort conveniently located on Route • Located in Reno-Sparks, Nevada (aka the • Reno is famous for its casinos and as a I-80 with easy access from the airport. “Biggest
Slide 16: West Region Results
WEST REGION RESULTS Nevada Net Operating Revenue Adjusted EBITDAR1 35.0 8.0 32.5 7.0 6.8 30.0 29.2 6.5 27.0 25.2 6.0 5.8 25.0 20.8 21.2 5.0 20.2 4.7 20.0 19.1 18.4 16.4 4.0 15.0 3.0 2.9 2.3 10.0 2.0 1.1 5.0 1.0 0.7 0.6 0.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2023 2024 2025 In USD, $ milli
Slide 17: Consolidated Results
CONSOLIDATED RESULTS 16
Slide 18: CNTY Results
CNTY RESULTS 2023 – 2025 Quarterly Results 1 Net Operating Revenue Adjusted EBITDAR2 180 35 33.3 32.9 161.2 155.7 30.3 31.1 153.7 160 146.4 150.8 143.8 30 29.3 27.4 136.0 130.4 136.8 137.8 26.1 140 25.4 25 120 108.5 21.3 20.2 21.1 100 20 80 15 60 10 40 20 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025
Slide 19: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE As of September 30, 2025 in USD, $ millions Cash 6.9X Net Debt Leverage 1,2 77.7 Anticipate Net Debt Leverage to trend towards 5.5-7.2X by the end of 2025. Updated to account for lowered trailing twelve-month Adjusted EBITDAR primarily from Poland. Total Principal Debt 1 3
Slide 20: Next Stage of Growth: Value Creation Projects
NEXT STAGE OF GROWTH Attractive Value Creation Projects 2025 Spent/Remaining Total Project Cost Estimate 1 Project Description (in $ millions) (in $ millions) East Maryland Beach access 0.2 —/— Bar renovations 0.2 0.2 / — West Virginia Exterior renovations 0.9 0.7 / — Midwest Colorado Central City -
Slide 21: Key Financial Forecasts for 2025
KEY FINANCIAL FORECASTS FOR 2025 Approximately $17.9M in total, inclusive of approximately $3.0M in growth capital expenditures, and the remaining in maintenance capital expenditures. Estimate excludes approximately $0.2M in remaining cash payments related to the Caruthersville CAPITAL EXPENDITURES
Slide 22: Key Financial Forecasts for 2025
KEY FINANCIAL FORECASTS FOR 2025 $14.4M - $15.4M including stock-based compensation (estimated stock-based compensation is $1.5M for 2025, stock-based compensation was $0.1M in 2024). CORPORATE EXPENSE Corporate expense was $10.0M including stock-based compensation of $0.8M through September 2025. T
Slide 23: Strategic Review Process
STRATEGIC REVIEW PROCESS • Initiated comprehensive strategic review process of operations, capital structure and strategic growth options • Received various inquiries from third parties about potential asset sales and strategic partnerships • Part of our ongoing commitment to driving long-term value
Slide 24: Appendix
APPENDIX 23
Slide 25: Additional Results by Reportable Segment Q3 2025
APPENDIX Additional Results by Reportable Segment Q3 2025 1 Earnings (Loss) from Operations Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders Poland: -9% Poland: -52% Canada: 21% Canada: 13% United States: 88% United States: 139% In USD, $ millions. 24 1. Excludes the Corporate
Slide 26: Abbreviations of Subsidiaries and Reporting Units
APPENDIX Abbreviations of Century Casinos, Inc. Subsidiaries and Certain Reporting Units Name Abbreviation Operating Segment Mountaineer Casino, Resort & Races MTR or Mountaineer East Rocky Gap Casino, Resort & Golf ROK or Rocky Gap East Century Casino & Hotel Cape Girardeau & The Riverview CCG or C
Slide 27: Terms and Definitions
APPENDIX Terms and Definitions • In this presentation, the term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars and the term “PLN” refers to Polish zloty. Amounts presented are rounded. As such, rounding differences could occur in period-over-period changes and percentages repo
Slide 28: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • The Company supplements its consolidated financial statements prepared in accordance with US generally accepted accounting principles (“GAAP”) by using the following non-GAAP financial measures, which management believes are useful in properly understanding the
Slide 29: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • Adjusted EBITDAR is defined as net (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Company’s Master Lease), net, income taxes (benefit), depreciation, amortization, n
Slide 30: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • Adjusted EBITDAR (continued). Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjuste
Slide 31: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • Lease Debt is Rent Payments capitalized at 8.0x (a metric the Company believes is the industry standard used by analysts for this calculation). Lease Debt is not considered a measure of the Company’s financing obligations under GAAP. Management believes Lease D
Slide 32: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended September 30, 2025 2024 Net operating revenue $ 153,724 $ 155,701 Net loss attributable to Century Casinos, Inc. shareholders (10,548) (8,119) Interest expense (income), net 26,013 25,104 Income tax
Slide 33: Reconciliation of Adjusted EBITDAR by Region
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended For the three months ended September 30, 2025 September 30, 2024 Total Total United United East Midwest West States East Midwest West States Net (loss) earnings attributable to Century Casinos, Inc.
Slide 34: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net loss attributable to Century Casinos, Inc. shareholders $ (1.2) $ (2.0) $ (14.2) $ (10.8) $ (13.5) $ (41.6) $ (8.1) $ (90.3) $ (20.6) $ (12.3) $ (10.5) Interest expense (inco
Slide 35: Reconciliation of Adjusted EBITDAR (TTM)
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR Trailing Twelve Months Ended Year Ended September 30, December 31, Q4 2024 Q1 2025 Q2 2025 Q3 2025 2025 2024 Net Operating Revenue $137,766 $130,443 $150,818 $153,724 $572,751 $575,919 Net loss attributable to Century Casinos,
Slide 36: Calculation of Interest Expense (Income), Net
APPENDIX Calculation of Interest Expense (Income), Net Trailing Twelve Months Ended Year Ended September 30, December 31, Q4 2024 Q1 2025 Q2 2025 Q3 2025 2025 2024 Interest income (534) (380) (273) (405) (1,592) (2,644) Interest expense - Credit Agreements 9,330 8,792 8,864 8,918 35,904 38,931 Inter
Slide 37: Calculation of Rent Payments
APPENDIX Calculation of Rent Payments Trailing Twelve Months Ended Year Ended September 30, December 31, Q4 2024 Q1 2025 Q2 2025 Q3 2025 2025 2024 Cash payments on Master Lease 14,005 14,327 14,404 14,442 57,178 51,834 Cash payments on Nugget lease (50%) 1 1,912 1,913 1,936 1,937 7,698 7,001 Rent Pa
Slide 38: Calculations and Components Used in Calculations
APPENDIX Non-GAAP Financial Measures – Calculations and Components Used in Calculations Trailing Twelve Months Ended September 30, 2025 Cash $77.7 Cash in Casinos $33.8 Total Principal Debt $338.7 Net Debt $261.1 Adjusted EBITDAR 1 $102.6 2 Rent Payments ($64.9) Net Debt Leverage 3 6.9x Adjusted Net
Slide 39: Calculation of Net Debt
APPENDIX Non-GAAP Financial Measures – Calculation of Net Debt September 30, 2025 December 31, 2024 Total long-term debt, including current portion $ 329,316 $ 328,156 Deferred financing costs 9,432 11,454 Total principal $ 338,748 $ 339,610 Less: Cash and cash equivalents $ 77,692 $ 98,769 Net Debt